Spot price just breached $97K, and the on-chain price models are recalibrating accordingly. Here's where the major benchmarks stand right now:

Short-term holders are sitting at an average cost basis of $98.4K—slightly above current spot price, suggesting some near-term pressure. Meanwhile, active investors across the market have an average entry around $87.8K, while the broader true market mean hovers at $81.1K. The realized price—what the network paid on average for all Bitcoin ever moved—sits at $56.2K.

These metrics paint an interesting picture of market structure. When spot price cracks through $97K, you're essentially trading well above most historical averages. Short-term holders are underwater, active players are in decent territory, and long-term holders remain deeply profitable. This divergence often signals important support and resistance levels worth watching.